Workday (NASDAQ:WDAY) Price Target Cut to $250.00 by Analysts at DA Davidson

Workday (NASDAQ:WDAY) had its target price lowered by analysts at DA Davidson from $260.00 to $250.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. DA Davidson’s price objective suggests a potential upside of 17.20% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price objective on shares of Workday in a research note on Wednesday. TD Cowen cut their price target on shares of Workday from $290.00 to $280.00 and set a “buy” rating for the company in a report on Wednesday. Wells Fargo & Company decreased their price target on shares of Workday from $300.00 to $290.00 and set an “overweight” rating on the stock in a report on Wednesday. JMP Securities reissued a “market outperform” rating and set a $315.00 price objective on shares of Workday in a research note on Wednesday, September 17th. Finally, Canaccord Genuity Group reduced their target price on Workday from $330.00 to $275.00 and set a “buy” rating for the company in a research report on Friday, August 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat, Workday currently has a consensus rating of “Moderate Buy” and an average price target of $283.17.

Workday Stock Performance

Shares of NASDAQ WDAY traded down $20.37 during mid-day trading on Wednesday, hitting $213.32. The company had a trading volume of 7,047,789 shares, compared to its average volume of 2,608,729. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.33. Workday has a 1 year low of $205.33 and a 1 year high of $294.00. The company has a market capitalization of $56.96 billion, a price-to-earnings ratio of 98.94, a P/E/G ratio of 2.83 and a beta of 1.11. The stock’s 50-day moving average price is $234.34 and its 200-day moving average price is $236.62.

Workday (NASDAQ:WDAY) last issued its earnings results on Tuesday, November 25th. The software maker reported $2.32 EPS for the quarter, topping the consensus estimate of $2.17 by $0.15. Workday had a return on equity of 9.74% and a net margin of 6.51%.The business had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.42 billion. During the same quarter last year, the company earned $1.89 EPS. The firm’s revenue was up 12.6% compared to the same quarter last year. On average, sell-side analysts forecast that Workday will post 2.63 earnings per share for the current year.

Insider Activity

In other Workday news, major shareholder David A. Duffield sold 75,053 shares of the company’s stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $236.34, for a total value of $17,738,026.02. Following the completion of the sale, the insider owned 102,997 shares of the company’s stock, valued at $24,342,310.98. This represents a 42.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 1,915 shares of the stock in a transaction that occurred on Thursday, October 9th. The shares were sold at an average price of $238.96, for a total transaction of $457,608.40. Following the transaction, the chief accounting officer owned 37,351 shares in the company, valued at $8,925,394.96. The trade was a 4.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 264,933 shares of company stock valued at $61,475,760. 20.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Workday

A number of institutional investors have recently made changes to their positions in the business. First Eagle Investment Management LLC bought a new stake in Workday in the third quarter worth $556,252,000. Nuveen LLC purchased a new position in shares of Workday in the first quarter worth about $456,341,000. Hotchkis & Wiley Capital Management LLC lifted its stake in shares of Workday by 47.5% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,842,491 shares of the software maker’s stock valued at $1,406,463,000 after acquiring an additional 1,882,391 shares during the last quarter. Norges Bank bought a new stake in shares of Workday in the 2nd quarter valued at about $442,702,000. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in Workday by 47.5% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,764,598 shares of the software maker’s stock valued at $879,147,000 after acquiring an additional 1,211,659 shares during the period. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Workday Company Profile

Workday, Inc provides enterprise cloud applications in the United States and internationally. Its applications help its customers to plan, execute, analyze, and extend to other applications and environments to manage their business and operations. The company offers a suite of financial management applications to maintain accounting information in the general ledger; manage financial processes, such as payables and receivables; identify real-time financial, operational, and management insights; enhance financial consolidation; reduce time-to-close; promote internal control and auditability; and achieve consistency across finance operations.